Financial News: Swiss Trade Surplus Shrinks In November

Swiss Trade Surplus Shrinks In November

12/19/2024 - 02:55:00 (RTTNews)

(RTTNews) - Switzerland's foreign trade surplus decreased notably in November as exports fell much faster than imports, data from the Federal Customs Administration showed on Thursday.

The trade surplus decreased to CHF 4.0 billion in November from CHF 6.0 billion in October.

In real terms, exports plunged 10.8 percent over the month, reversing an 11.4 percent decrease in October. Imports decreased 2.8 percent, which was the first fall in three months.

In nominal terms, both exports and imports declined by 11.0 percent and 3.6 percent, respectively.

The export decline was mostly from the chemicals and pharmaceuticals segment, which slumped 16.6 percent from last month.

Shipments of food, drinks, and tobacco decreased by 12.2 percent over the month, and those of machines and electronics slid by 7.3 percent.

According to the Federation of the Swiss Watch Industry, watch exports dropped 3.8 percent annually in November. The overall decline was mainly driven by 5.8 percent lower shipments of steel watches.

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